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Summer fire season: Tax relief available

With the Australian bushfire season already upon us, The Australian Bookkeepers Network (ABN) reminds BAS Agents that there is ATO disaster relief support available for their own businesses and their clients'.

ABN Director, Peter Thorp, explains that while tax is hardly top of mind at these times, businesses can at least protect themselves from tax pressures with a range of ATO options.

“In times like this the ATO often makes blanket arrangements for small business and agents in affected communities for extensions and support,” said Peter. “In other times where the natural disaster is a bit more localised the ATO tends to work with affected taxpayers and agents.

“The fire disasters which have happened in parts of Australia this month have not triggered any blanket measures by the ATO, but that is not to say the ATO is unsympathetic to affected agents,” said Peter.

The ATO website has material which the ABN encourages members to consider should they or their clients be affected by disaster events this summer.

This support extends to being able to help to:

  • provide lodgment deferrals allowing additional time to lodge without incurring failure to lodge on time (FTL) penalties
  • set up a payment plan or apply for a payment-only deferral for your client
  • re-issue documents including income tax returns, activity statements and notices of assessment (for example if needed to access government payments or concessions)
  • reconstruct tax records that are lost or damaged so your clients can claim entitlements including income tax deductions or access government payments
  • prioritise any refunds owed to you or your client
  • remit penalties or interest charged during the time you or your client have been affected
  • work with you on a supported lodgment program to tailor solutions and get you back on track if your whole practice has been affected by a disaster.

The ABN invites those in affected areas to review the links here to understand and access support from the ATO, including Support for your practice and Disaster events.

Category
ABN
Published
13 Dec 2023
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